United Drilling Tools (UDTL) has appointed marketing associates and representatives to promote its product portfolio for oil exploration and completion equipments in Egypt and Libya.
This representation will open opportunities for UDTL to expand its market base in Egypt & Libya, both in North Africa, the company said in a statement.Major ENP companies have a strong presence and foothold in Egypt and Libya, which are UDTL's potential target customers in the region, it added.
Hydrocarbon production is by far the largest single industrial activity in Egypt, representing around 24% of total GDP in FY 2019-2020. Libya is the sixth-largest economy in Africa thanks to its oil, which makes up 95% of its total exports.
The marketing representatives are in the process of getting UDTL registered as a preferred supplier with potential clients. This will facilate the company to target a potential market opportunity of approximately Rs 500 crore.
UDTL manufactures and supplies equipments used in the oil & gas sector. The company's product portfolio comprises of connectors, casing pipes with connectors, stabilizers and artificial lift equipment amongst others.
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Currently, UDTL has 13 design patents registered, of which 8 patents are registered in India while 5 are registered in UK. Further 5 registrations are awaited. UDTL has 20 registered trademarks while it has also applied for 9 patents.
Net profit of UDTL rose 64.81% to Rs 15.08 crore on 31.80% rise in net sales to Rs 47.99 crore in Q2 September 2021 over Q2 September 2020.
Shares of UDTL were up 0.25% to Rs 450.
In the past one year, the stock has surged 62.19% while the benchmark Sensex has added 23.84% during the same period.
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